From drones to blockchains, tech advancements are transforming the commercial real estate industry. Whether you're a landlord or an investor, here are three key tech developments you should know about.
1. Drone Technology
Drones serve as digital eyes in the sky. As agile, unmanned systems, they offer individuals and businesses a unique perspective of any property or construction site. From a commercial point of view, drones offer the following benefits.
- By capturing panoramic views and dynamic footage, drones help you showcase commercial listings in a professional and intriguing way.
- If you're looking to construct a new property or you want to survey a prospective purchase, drones are a quick and cost-effective way to map terrain and land boundaries.
- Drones capture every angle of a property, so they're useful for performing routine and emergency inspections.
From pre-construction planning to closing a sale, drones have the potential to reshape commercial transactions.
2. Software Development
Developments in property technology, or “proptech,” may help to facilitate more efficient commercial transactions and faster sales.
- Real estate software platforms can be used to collect, combine, and interpret high volumes of data, which helps investors make smarter, data-driven decisions.
- Virtual property tours can reduce the number of site visits required before closing on a commercial property.
- Advancements in 3D modeling software allow developers to create digital twins for any construction project, which may help them build safe, high-quality properties more efficiently.
3. Blockchain Technology
Blockchain technology has the potential to reshape how commercial real estate transactions are managed.
- Transactions managed through blockchain are encrypted, making them less vulnerable to tampering or fraud.
- Blockchain “smart contracts” streamline every stage in the transaction process, from title clearances to loan approvals.
- With blockchain technology, you can easily track and manage paperwork which helps investors and landlords understand a property's full development and sales history.
While blockchain technology is yet to become mainstream in real estate transactions, there's no doubt it offers some unique security benefits and opens new funding opportunities.
Call a Commercial Real Estate Attorney in NY
If you're looking for commercial real estate advice, contact The Law Offices of Melvin Monachan, PLLC. Our dedicated team can assist you with the purchase or sale of any commercial property – to schedule a consultation, contact us at 347-389-1682 or complete our contact form.